Questions and answers about the Iraqi Dinar

If you have watched the news recently you may have heard about tremendous gains in bitcoin. You may have thought about investing in this cryptocurrency. If everyone is getting rich off of this investment why not invest and make money too? It seems like a sure thing, right? People are dumping all kinds of money into this with the hope of getting rich quick. No one is being informed of the risks involved, and after investing in the dinar I am getting feelings of déjà vu. So allow me to give a brief overview and history of bitcoin. and let me explain some of the risks involved with this investment.

First it should be noted that unlike the dinar, investors have made money with bitcoin. Investors have also lost money. People have made money by mining bitcoin, which is also known as “earning”. This cryptocurrency has even been used in commerce. Now let’s discuss the history and the risks.

The History

The domain name “bitcoin.org” was registered on August 18th, 2008. In November of that same year a link to a paper entitled “Bitcoin: A Peer-to-Peer Electronic Cash System” was posted to a cryptography mailing list. This paper was authored by Satoshi Nakamoto. The identity of Nakamoto remains unknown, but he implemented the bitcoin software as open-source code and released it in January of 2009.

A cryptocurrency is designed to work as a medium of exchange. It is a digital asset that uses cryptography to secure its transactions. Cryptography is also used to control the creation of additional units, and to verify the transfer of these digital assets. Cryptocurrencies are mainly classified as a subset of real digital currencies. They can also be classified as a subset of alternative currencies, and are often referred to as “virtual currencies.”

In January 2009, the bitcoin network came into existence after Satoshi Nakamoto mined the first ever block on the chain also known as “the genesis block”. A reward of 50 bitcoins was included on this genesis block. Embedded in the coinbase of this block was the following text: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This text has been interpreted as both a timestamp of the genesis date and a cynical comment on the instability caused by fractional-reserve banking. Its launch was close to the 2008 meltdown.

For this reason bitcoin is the first decentralized cryptocurrency. The decentralized control is directly related to the use of bitcoin’s blockchain transaction database in the role of a distributed ledger. Cryptocurrencies use various timestamping schemes to avoid the need for a trusted third-party to timestamp transactions. These timestamps are added to the blockchain ledger. Bitcoin and currencies like it use decentralized control as opposed to centralized electronic money or central banking systems.

One of the first supporters of bitcoin was a guy by the name of Hal Finney. He was the receiver of the first bitcoin transaction. He was also a programmer and a contributor to bitcoin. Finney downloaded the bitcoin software the day it was released and he also received 10 bitcoins from Nakamoto in the world’s first bitcoin transaction. Some websites list other early supporters as well. They include Wei Dai, who was a creator of the bitcoin predecessor b-money, and Nick Szabo. He was the creator of the bitcoin predecessor bit gold.

In the early days, Nakamoto is estimated to have mined approximately 1 million bitcoins. In 2010, Nakamoto handed the network alert key and the control of the Bitcoin Core code repository over to Gavin Andresen. This man became the lead developer at the Bitcoin Foundation. Nakamoto removed himself from any involvement with bitcoin. Gavin Andresen stated that he wanted to decentralize control, saying: “As soon as Satoshi stepped back and threw the project onto my shoulders, one of the first things I did was trying to decentralize that. So, if I get hit by a bus, it would be clear that the project would go on.” This statement allowed speculation and controversy over the future development of bitcoin.

The value of the first bitcoin transactions were negotiated by individuals on the Bitcoin Talk forums with one notable transaction of 10,000 BTC used to indirectly purchase two pizzas delivered by Papa John’s. Since then bitcoin has gained in value and popularity worldwide.

A wallet stores the information necessary to transact bitcoins. While wallets are often described as a place to hold or store a person’s bitcoins, because of the design of the system, bitcoins are inseparable from the blockchain transaction ledger. A better way to describe a wallet is a digital system that will store the digital credentials for your bitcoin holdings. This wallet will allow you to access your bitcoin in order to spend them.

Jordan Kelley is the founder of Robocoin. On February 20th, 2014 Kelly launched the first bitcoin ATM in the United States. The kiosk was installed in Austin, Texas. It is similar to a bank ATM, but it also has scanners installed in order to read government-issued identification. This kiosk will scan a driver’s license or a passport. This is done in order to confirm a users’ identity. By September 2017 1,574 bitcoin ATMs have been installed around the world with an average fee of 9.05% per transaction.

In 2015, the number of merchants accepting bitcoin exceeded 100,000. Instead of 2–3% typically imposed by credit card processors, merchants accepting bitcoins often pay fees between 0% to 2%. Firms that accepted payments in bitcoin as of December 2014 included Dell, Newegg, PayPal, and Microsoft. More local businesses also started excepting bitcoin.

Since the introduction of bitcoin many other cryptocurrencies have been released. The success of bitcoin has created a whole bunch of bitcoin wannabes. Everyone seems to believe that if Satoshi Nakamoto can do it, they can too. Numerous cryptocurrencies have been created. These are frequently called alt-coins. They serve as a blend of bitcoin alternatives. Today there are hundreds of cryptocurrencies out there and they are all trying to be the next bitcoin.

Most cryptocurrencies are designed to gradually decrease production of currency as more is mined. The purpose of this is to place an ultimate cap on the total amount of currency that will ever be in circulation, thus mimicking precious metals. However, people still mine for bitcoin today.

The Risks and Dangers With Cryptocurrencies

Now that you have a brief history on bitcoin and other cryptocurrencies let’s discuss some of the risks and problems associated with them. There is a lot of hype involved and as a result, there is a currency out there for almost everything. There is even a Ron Paul cryptocurrency.

Consider all the variables to make this work. A tremendous amount of effort must be expended to create an alt-coin. There is the cryptocurrency itself and the electronic wallet that all possessors of a coin must have on whatever electronic device they may be using. This also means that the program must work on a wide range of computers and smart-phone platforms. There is also a marketing expense to get some people to start speculating in it. There is the process of setting up the mining operation so that the virtual miners of the world can start “earning” the coin so that they can sell it on an exchange. There are literally hundreds of these currencies out there and one estimate has the number of alt-coins around 1,100.

These alt-currencies are all attempting to duplicate bitcoin’s success. The majority of bitcoin users are acquiring bitcoins not in order to buy goods and services but to speculate. The main usage of bitcoin and similar cryptocurrencies is that they are seen as an investment.

From our experience as dinar investors we should know that’s a bad investment decision, and it also hurts bitcoin’s prospects. The problem with having the bitcoin economy dominated by speculators is that it gives people an incentive to hoard their bitcoins rather than spend them. This happens to be the opposite of what you need people to do in order to make a currency successful. Successful currencies are used to transact day-to-day business and lubricate commerce. But if your reason for buying bitcoins is hoping that their value will skyrocket, as any investor would, you’re not going to be interested in exchanging those bitcoins for goods, This is because you will lose when the value of bitcoin rises. Instead, you’re going to hold on to them and wait until you can cash out.

Merchants accepting bitcoin ordinarily use the services of bitcoin payment service providers such as BitPay or Coinbase. When a customer pays in bitcoin, the payment service provider accepts the bitcoin on behalf of the merchant and then converts it to the local currency! These bitcoin services will send the obtained amount to the merchant’s bank account. They charge a fee in return for the service. We are led to believe that merchants accept bitcoin and then later on use it in other transactions, but this is not the case! Merchants around the world who accept bitcoin will get a government currency immediately deposited in their account during the course of the transaction.

There are pump and dump schemes that artificially drive the price up on cryptocurrencies for a short period of time. Pump and dump schemes are where people collude to buy a small cryptocurrency at the same time, and thus push up the price by artificially inflating demand. Those involved collect a quick profit by selling to new investors who are attracted by the rising price. People involved in this make up large groups that will pour millions of dollars into a cryptocurrency at one time. These people view the currency like a stock. Once new investors are in they sell off the currency for a huge profit. (check the link below)

The big question then is this. Has bitcoin ever been involved with pump and dump schemes? There are wild price swings in bitcoin’s history. The price of bitcoin has gone through many cycles of appreciation and depreciation. Many people refer to this as bubbles and busts. Here are a few notable examples. In 2011, the value of one bitcoin rapidly rose from $0.30 USD to $32.00 USD and then it fell to $2.00 USD. In the second half of 2012 , the bitcoin price began to soar once again on April 10th, 2013 it reached a high of $266.00 USD. Then it came crashing down to around $50.00 USD. This event is known as the 2012–13 Cypriot Financial Crisis. On November 29th, 2013, the cost of one bitcoin rose to a peak of $1,242.00 USD. Then in 2014, the price sharply fell creating heavy loses with investors. As of April of that same year the price of bitcoin remained depressed. It was little more than half of 2013 prices. As of August 2014 it was under $600.00 USD

As of 2014, bitcoin has volatility seven times greater than gold, eight times greater than the S&P 500, and 18 times greater than the US dollar. This is the analysis of Mark T. Williams. However, Forbes claims that there are some uses where volatility does not matter, such as online gambling, tipping, and international remittances.

According to an article in The Wall Street Journal, as of April 19th, 2016, bitcoin had been more stable than gold for the preceding 24 days. The article seemed to suggest that its value might be more stable in the future. On March 3rd, 2017, the price of a bitcoin surpassed the market value of an ounce of gold for the first time in history as its price surged to an all-time high of $1,268.00 USD.

Metcalfe’s law states that the value of a telecommunications network is proportional to the square of the number of connected users of the system. A study in Electronic Commerce Research and Applications, going back through the network’s historical data, revealed the value of the bitcoin network as measured by the price of bitcoins, to be roughly proportional to the square of the number of daily unique users participating on the network. In other words, the bitcoin network is well modeled by the Metcalfe’s law.

So what is driving up the cost of bitcoin now? It is really a number of things. First, as the price continues to go up more speculators are jumping on board, and driving up demand. Second, the same Global Currency Reset nonsense that is used to sell precious metals and foreign currencies from third world countries is being used to hype the bitcoin as a viable investment, and the GCR propaganda is also attracting new investors. Third, Cboe, the options and derivatives exchange, is launching the first-ever regulated futures exchange for bitcoins on Sunday December 10, at 6 p.m. CME Group is scheduled to launch its exchange on Dec. 17, and Nasdaq will start trading the futures in 2018. This has caused wild speculation for the cryptocurrency. The coming futures exchanges have caused the price to skyrocket, but some investors jumped out on Friday. (See link below)

Conclusion

Yes there are people making money with bitcoin, but there are many people who had big losses in the past. As of this writing, bitcoin remains super volatile. Many more long term investors may jump ship before the exchanges take place. This investment is an extremely high risk gamble. You need to be careful with the amount you are willing to invest because it must also be an amount you are willing to lose.

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In dinarland we often hear gurus talking about the vast wealth of Iraq as the reason we can expect an unprecedented revaluation of their currency. Iraq has a reported 143 billion barrels of proven recoverable oil in their reserves, which would amount to over $7 trillion dollars worth of oil. While that’s an impressive amount, I think we need to put it in context. You see, their neighbor to the east – Iran – has 158 billion barrels in their reserves. Canada has 170 billion barrels in their reserves. Saudi Arabia has 266 billion barrels in theirs, and Venezuela leads the world with over 300 billion in theirs.

Now, let’s take a look at their currencies.

The Iranian rial is valued at $.00003, down from $.000033 in 2015 and $.00004 in 2013, despite all of the hype generated by dinar/dong/Zim/rial pumpers in recent years. Okay, maybe their reputation as a renegade radical Islamic state has kept the rial’s value down, so let’s look at the others.

Canada’s dollar (the loonie) is currently valued at $.79, up from $.76 two years ago but down from about $.96 four years ago.

The Saudi riyal is valued at $.266, just like it was two years ago and just like it was four years ago, because it’s a pegged currency on a managed float just like the IQD.

And then there’s the Venezuelan bolivar, currently valued at $.10 after the country has fallen into an economic crisis. Four years ago the bolivar’s value was $.16 and five years ago it was at $.23.

So we can see from these numbers that oil reserves don’t determine the wealth of a country or the value of its currency. Why would the US, with only 35 billion barrels in their reserves, have a higher standard of living and a more valuable currency than the others? Because the country has a diverse economy, an educated populace, a strong military, a stable government, and an arrangement with almost every oil producing nation to sell their oil for USD. Many countries use the dollar along with their currency, or they use the dollar exclusively and don’t even have a currency of their own. Countries want US products and US services, and they need US dollars to get them. When Iraq has all of the qualities with its economy that the US has with its, maybe their currency will have a value near that of the USD. Maybe by the end of the century that will happen, but by that time the IQD and the people who own it will be long gone.

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There is a strange belief floating around on several monetary conspiracy websites and blog sites. This belief can also be found on many YouTube channels. It says the dollar will totally collapse on September 27th, 2016. As a result of this event, every world currency will also collapse and the global economy will suffer great calamity. Many people have bought into this theory. Is there any truth to it? Let’s explore more details about this belief. Here is their case from their perspective. This is basically a paraphrase of their thought process blended together from many of these sites.

What They Claim

The dollar collapse will be the single largest event in human history. This will be the first event that will touch every single living person in the world. This collapse will not only bring down our dollar but it will also bring down every fiat currency around the world. The collapse will bring hyperinflation and every fiat currency in the world will collapse.

The economy was hit hard by the fall in oil prices. As an example these falling prices have already affected daily life for Venezuelans and everything has become an uphill battle. Now that the oil bubble has burst, nations that depend on oil sales are going to face great economic problems in their country.

In the U.S. we cannot keep living like we have twice the income that we really have. The Federal Reserve created trillions of dollars to buy most of our national debt and mortgage debt with money that they created on the spot, and nobody will buy this mortgage debt in the future. It is a Ponzi scheme. Our national debt will have doubled in just the time Obama was in office.

The more there is a risk of a default in currency devaluation, the more interest rates are going to rise. We may be able to pay $20 trillion dollars of debt at 3 percent interest with some pain, but at 6 percent interest or above for any extended period of time it will cause a total economic collapse.

Things got so bad that since 2008 most banks will not lend any more on commercial ventures. Instead, they are either still gambling on markets or they are sitting on their money. Nobody wants to lend money for economic development because they are afraid that they will never get paid back. Many other businesses that could expand will not do so because they are afraid of higher costs in the future through government taxation and regulation. That is one reason people are dropping out of the workforce. There are fewer businesses in America in 2016 than there were before the 2008 crash.

There is no easy answer to the world debt problems because many people and nations around the world have been living beyond their means for decades. They have been amassing debt and entitlements that cannot be sustained. With their aging populations, there is no next generation being raised that will have the numbers needed to pay the bills. The credit line of many nations are maxed out, and the young cannot support the entitlements that the old were promised.

As if the spending beyond our means for decades wasn’t enough, many banks are still gambling with your investments. They take your money and use it as security to leverage investments worth thirty to a hundred times that amount. In 2008 some bubbles burst, and many that were gambling lost. Some financial institutions got bailed out, but most did not learn their lesson. It is even worse today than it was in 2008. These world banksters are still gambling with savers’ money.

Some big corporations and financial institutions could not pay their debts because of the severe downturn in 2008, so they either went bankrupt or were declared too-big-to-fail by our government, and the government bailed them out by Americans taking on more future debt.

Another reason for the lack of quality jobs is that the government cannot institute a policy to buy American-made products because they risk a trade war with other nations in the global economy who are also living beyond their means. The trade war is probably coming anyway because unemployed people of nations will demand that their government do something to protect their jobs. All government can do to keep jobs at home is to allow protectionism.

Our future appears to be deflation, depression, or hyperinflationary depression which is bound to come as a result of overprinting the currency. This will allow the rise of populist demigods who will convince people that they know who is to blame and that they have all the answers. In other words, we are now repeating the same mistakes of the 30’s that led to the nationalist socialistic movements and the start of World War II. It will not be much different this time around, except that the stakes for the world will be much higher.

The same mistakes in housing in the US are being made all over again. The recent climb in values will probably be short-lived as this country goes back into the next phase of this depression. Foreign investment speculators who think we are in recovery are once again buying real estate and driving up prices. The percent of Americans owning their own home is actually still falling and has fallen to 1990’s ownership levels. Family income in the United States and hours worked is still falling. The recovery is most likely phony, and what recovery there seems to be is really built on the Federal Reserve creating more money and more government borrowing. The recovery is going to speculators in the top one percent.

But you can protect yourself from this entire calamity by purchasing gold and silver, or getting our inside trader stock tips or purchasing our newsletters. You might want to stock up on your stored food supply as well.

Conclusion

These thoughts are the case that is represented in most of the conspiracy videos, websites, and blog posts. These people prey on people who know little about economics. I debunked most of this rhetoric in my book “The Truth About The Coming Global Currency Reset.”Most of the panic in this analysis is mixed with half-truths in an effort to make it more believable. If you know anything about real economics then you can debunk most of what is being said here. So in an effort to ease any fear or worry, I will explain why this is a load of sewage. This information can be found in my book in greater detail.

Let’s Debunk This Crap

First and foremost, if the dollar were to collapse as these guys claim, why would they know the exact date on which it is going to happen? Some conspiracy sites say the date was chosen by the Illuminati or the Rothschilds. (Give me a break) I decided to do some research and see if I can find a reason for that date.

The Federal Reserve is going to issue the standard Federal Open Market Committee report on September 21st, just 6 days shy of the predicted date. Aside from that nothing unusual is going on with The Federal Reserve.

In the end, I could not find any concrete evidence as to why conspiracy nuts chose September 27th to be the end of the dollar. This date was picked months ago! As I stated earlier, if this were to actually happen to the dollar then no one would know the exact date that this event would transpire. I believe this is part of a marketing ploy that these end of the world doomsday merchants have cooked up through the use of their nut job guru network.

This creates urgency to buy more gold and silver. You feel a sense of urgency to store more food. You begin to prepare for the end of the world.

The same thing happens in the dinar world all the time. If you think the revalue is going to happen on next Monday and today is Thursday, then you are going to place an order out of urgency. You are going to buy more dinar or put dinar on reserve. This is exactly why a revalue is predicted to happen every Monday

There appears to be two YouTube accounts which are the source of this erroneous theory. They are “Money News” and “Economic News”. From there it spread everywhere else. I started watching one of the videos, “Why The US Dollar Will Collapse on 27 September 2016 ?”. (over 700,000 views – see below)

This video is ridiculous. He starts off talking about a coming calamity, and then he says “will you take the proper steps to protect your family?” I am sure he is going to sell you the proper steps you need to take. There are many advertisements throughout this video, and with over 700,000 views some money is being made using fear tactics. Within two minutes of this video he mentions the National Inflation Association, which seems to have been debunked by Peter Schiff as a fake group with an agenda. (Check out the video below.)

I think it is ironic that Peter Schiff is also one of the economists that they claim supports their theory. The truth is this theory only attaches itself to small portions of what Mr. Schiff says. The rest is all made up. Most laymen don’t understand reserve currencies or money mechanics, so these things sound plausible when they are presented through outrageous storytelling. These YouTube videos have disabled their comment section and suspended their voting as if they are afraid of being debunked. By now major warning lights should come on.

Peter Schiff has a reputable background and while I don’t agree with everything he says, He makes valid points on the nation’s debt. He points to logical problems that face the country. It is too bad that the Global Currency Reset crowd takes his comments out of context and applies it to their own ill-gotten gain. Peter talks about a collapse in the economy if these problems are not addressed. These guys take some of his facts and change it to a total collapse of the dollar and a revalue or collapse of every currency around the world. They seem to latch onto Mr. Schiff in an effort to gain some of his fan base.

Furthermore, these GCR gurus have been predicting the collapse of the dollar since the beginning of the millennium. Recently Lindsey Williams predicted the dollar will collapse under a global currency reset in 2012. It was predicted to happen again in 2013. Then the dollar was going to collapse in the first quarter of 2014, and finally, the dollar was going to collapse at the end of the second quarter of 2014. That is when the dollar took off like a rocket. 2014 was a great year for the dollar and 2015 was the best year the dollar seen since 2005.

The last time the dollar crash was predicted was May 28th, 2016. Before that, the last prediction was in April of 2016. So as you can see, these Global Currency Reset guys have a long track record of being wrong. They have been wrong in 100 percent of their predictions. I predict that they are going to be wrong once again on September 27th. There is not going to be a major crash of the world currencies on that date! Let’s wait and see who is right!

Get Your Facts Straight!

These GCR guys mix a little fact with fiction to create an illusion in order to sell their products. The valid points make the invalid ones seem more plausible. This is no different from what the dinar gurus do. The only reason why it is addressed on this website is because dinar gurus have tried to link the GCR to the revalue of the Iraqi dinar. Let’s cover a few of these so-called facts.

First of all, there was never an oil bubble as these loons proclaim. Oil prices are driven by supply and demand. The more oil there is the less it cost. This is economics 101. The reason why oil prices are cheap is because Saudi Arabia flooded the market in an effort to shut down American fracking. The increase in oil production in America has led the Saudi’s to take this strategic approach. Russia also supplies the world with oil. This is how their economy recovered from the crash of the ruble in the 90’s. Canada is also looking for a better way to bring more of its oil to global markets. This is what the keystone pipeline was really all about. Now Iran is able to bring their oil to global markets as more sanctions are about to be lifted. There are many other oil-producing nations as well. So as you can see, oil is not likely to go up with major price increases anytime soon as long as new supplies enter the market and nations are competing around the world for oil sales. This is not necessarily a bad thing for the U.S.

It is true that Venezuelan citizens are suffering right now, but this is primarily due to the fact that Hugo Chavez took over the country and instituted communism. He appointed businessman Roberto Mandini president of the state-run oil company Petroleos de Venezuela. Chavez also set out to rewrite the Venezuelan constitution. He kicked out oil companies while keeping much of their equipment. He gutted most of the private sector. His actions had an effect on the country’s economy. While falling oil prices contributed to the problems that all Venezuelans now face, the root cause was communism and a gutting of private infrastructure.

The problem with these GCR guys is anytime the price of some commodity drops they claim the commodity was really in a bubble, and the bubble collapsed because of debt or some other obscure reason. Supply and demand or natural laws regarding economics never seem to apply. From what I could gather, they believe several bubbles collapsed in 2008.

The dollar is actually a lot stronger than these arm-chair economists know. Ecuador, Zimbabwe, and the British Virgin Islands are just a few examples of countries that don’t have their own currency. They use the dollar exclusively for commerce among their citizens. There are many other nations that circulate the dollar along with their own currency because the dollar provides stability. In addition to this, the dollar can be found in reserves in most nations around the world. These reserves serve to back other currencies.

Let’s not forget about the petrodollar! In august of 1971, Nixon removed us from Bretton Woods. This is known as the Nixon Shock. In 1973 agreements were reached with Saudi Arabia and later OPEC. This agreement was that these nations will sell their oil only using the U.S. dollar. In returned the United States Government promised to make these oil-producing countries rich, and the U.S. would provide these nations with military protection if they were ever invaded. This is why we went to war with Iraq after they invaded Kuwait. Kuwait sells oil in dollars, and we had the responsibility to provide military protection due to the petrodollar system.

Selling oil in U.S. Dollars has been a source of strength for the dollar. While Saudi Arabia complains about fracking and at times has threatened to sell oil using another currency, the truth is this is highly unlikely because it will leave the Saudi government without military protection and they will be defenseless. Iran will more than likely engage with the Saudi government if this event ever took place. So as long as there is a demand for dollars in other countries because of oil sales, it is highly unlikely that the dollar will collapse anytime soon!

The Truth is there are a lot of problems with the Euro. We just witnessed the Brexit event. Spain, Ireland, and Greece, are just a few of the countries that have been a drain on the Euro. As a result, people are running away from the Euro and they are running to the dollar. As the Euro weakens the dollar grows stronger.

In spite of all the problems with America’s debt, one of the advantages that the dollar has is that there really is not another currency out there that can replace it anytime soon. Most conspiracy nuts will point to the Chinese Yuan, but as we will soon see this won’t be an option in the near future.

America has been exporting jobs to China ever since Bill Clinton lobbied to make China a member of the World Trade Organization. Obama loaned General Motors 80 billion dollars. They used that money to build eleven new factories in China. They even made their research and development center in China. Many U.S. businesses have relocated to China.

China has benefited by keeping their currency values low. This has caused their exports to grow. If their currency becomes a major reserve currency that replaces the dollar then that will place more value on the Yuan. As a result, their exports will fall. China is not going to put themselves in this position anytime soon. While America has around 12 trillion in their M2 China has 130 trillion Yuan. Talk about printing money! They back their currency with approximately 1,000 tonnes of gold and U.S. dollars, so it is extremely unlikely that China will give up their export advantage in order for the Yuan to become a reserve currency.

Many of these conspiracy theorist claim that the dollar is a fiat currency. They say it backs most other currencies making them all fiat as well. The next claim is that the Federal Reserve is printing too much money, and we will see hyperinflation as more and more of this currency enters the economy. These statements alone should show you how out of touch these guys are with the actual facts!

The claim that the dollar is a fiat currency is made in an effort to imply that the dollar does not have any assets to back it. It is merely worthless paper. Nothing could be further from the truth! Currently, there is a little over 166,000 tonnes of gold in the world today. Out of that only 17.4 percent is used as an asset to back currency. Out of that number, the United States currently has a little over 8,133 tonnes of gold for the express purpose of currency backing. THIS IS AN ASSET BACKED CURRENCY! The United States has more gold than any other nation. The U.S. also has other assets that back their currency. Second in line is Germany with 3,396.3 tonnes of gold, followed by the IMF with 2,814 tonnes. These numbers can be verified by clicking on the links below.

The Federal Reserve does not own one printing press with the express purpose of printing money. Any physical money that is made is done by the United States Treasury per the constitution! It is the responsibility of the United States Treasury to mint coins and print money! The Federal Reserve distributes the money the U.S. Treasury makes.

We currently have about 12 trillion in our M2 money supply. All of this money does not sit in America, and because of this it does not have a major impact on local inflation. About two-thirds of our currency is exported and used around the world. It sits in central banks and it is used as a reserve. It is used to buy oil and governments around the world conduct commerce with it. It is used by citizens of governments all over the world to conduct commerce. This notion that the Federal Reserve prints money is totally bogus.

Final Thoughts

There is much more that can be said to debunk all the claims this conspiracy group is making, but I think by now you are beginning to get the point. I could go on for days debunking their propaganda. These Global Currency Reset guys all have an agenda. It seems to be this, buy our products or you will die and we are going to scare you to death with junk economics until you get the message! It is totally idiotic beyond belief to arbitrarily pick a date and then proclaim that to be the time when the dollar and the world economy will come crashing down all around us! It serves a purpose. It creates urgency.

The United States Dollar will not crash on September 27th, 2016! Any proclamation that it will is pure fantasy, displayed by people who are writing fiction and presenting it as fact for a profit!

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Welcome to another podcast From Iraq Currency Watch. In this episode, we will cover part 2 of our discussion that we had on July 16th regarding Dinar Corp and the guilty plea. We also cover an experiment you can do while you listen to this Podcast. You will need a computer with the browser of your choice. You will also need Microsoft Office or Open Office. Download Open Office from the link below. It is a free program and it can be used in place of Microsoft Office.

As we sat down to talk about recent events over 90 minutes flew by. So instead of taking the whole conversation and putting it into a really long podcast I decided to split it up into two parts. Each part will provide incredible insight to the dinar community. Those who are still in this investment should follow along with the experiment. So if you are still invested in this thing then tighten your seatbelt because things are about to get really bumpy. Just click on the play button and enjoy the ride.

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